Even without the extraordinary liquidation of the soybean dollar, the Central Bank managed to extend its series of currency purchases in the first round of the month and ended the day with a positive balance of 45 million dollars for his intervention in the foreign exchange market. The good performance of the plant in the wholesale segment was accompanied by a respite in the parallel market: the blue dollar fell $ 4 and closed at $ 284.
Monetary authority came from the accumulation of purchases by 4,968 million dollars in September due to the differential exchange rate that prevailed last month for soybean exporters and there was some expectation as to how the market would develop without the additional contribution of agriculture. On Friday, Sergio Massa had celebrated that the field had entered the ninth month of the year or so 7,464 million dollars, the best historical score for a month.
Monday’s figure looks much leaner than the purchases reported by the Central Bank over the past four weeks, but it responds to a “return to normal” for exporters, who have stopped receiving $ 200 for dollar and began to charge $ 148 for every dollar paid. On Fridays. on the last day of the export increase program, the company was liquidated 450 million dollars in the foreign exchange market.
PPI analysts noted, “The economic team appears to have been encouraged by the record purchase of reserves and is willing to ‘take care’ of it from now on,” adding: “there will be no discreet jump in the exchange rate (at least promoted by the government) and that the “Cepo” reinforces everything necessary to manage the reserves purchased “.
Meanwhile, the market is in a waiting period, attentive to the economic measures that Sergio Massa’s team will announce this week. The blue dollar fell $ 4 to $ 284 and positioned the gap with the official dollar at 96.1%.
Financial dollars were mixed: they started with losses and finally the MEP dollar closed with a rise of 0.6%, in $ 297.4while liquidity with liqui returned 0.6%, a $ 306.7.
However, the market’s point of view is cautious: “The gap of more than 100% and a real exchange rate at the lowest of the last five years generate sufficient incentives for imports to continue to the maximum and the boom in tourism abroad is sustained. It is expected that the BCRA will begin to “repay” much of the reserves purchased in September in the following months. Expectations of devaluation, rather than having calmed down in the last month, have heated up“, raises PPI.
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Source: Clarin
